SEPA
Simplifying transactions in the Eurozone: SEPA
SEPA - or the Single Euro Payment Area - is an important initiative that has simplified transactions across the Eurozone (those countries that have adopted the Euro as their currency). SEPA allows businesses to make and receive Euro payments in the same way that they would domestic transactions.
SEPA is an ongoing project and aims to continually improve the efficiency of cross-border payments. The complexities involved in such transactions are gradually being removed, to be replaced by a more streamlined infrastructure.
IBAN and BIC
SEPA has already brought many benefits. The main objective is to create a series of common standards, rules and payment processes for making payments across the Eurozone. This means that if you are making a payment, you have to quote the beneficiary's International Bank Account Number (IBAN) and the Bank Identification Code (BIC).
SEPA-compliant services
NatWest continues to be a leading player in the development of the Single Euro Payments Area (SEPA).
Since its launch in 2008 we have introduced a number of new payment services: the SEPA Credit Transfers and SEPA Direct Debits.
As a major advocate of this important industry initiative, we are very well placed to offer advice and practical support to help you transition to the solutions and services available in SEPA.
For more information, download our factsheets on SEPA (PDF, 168KB) and download SEPA Direct Debits (PDF, 18KB).
You may need Adobe Reader to view some of these documents. Get Adobe Reader. Visit access.adobe.com.
If you haven't found what you're looking for or have any additional questions please call us using the 'Get in touch' contact information.
